Startup Opportunities, 2nd Edition

CHAPTER 13Don’t Quit Your Day Job If You Aren’t . . .

Passionate about the Space

Being an entrepreneur is an extremely difficult job. It can be lonely, full of uncertainty, and often requires huge sacrifice. Most people need to be in love (love, not like) with their startup to completely dedicate themselves to it. If you aren’t passionate about your solution, how could your customers be?

Able to Execute the Solution

Ideas are nice, but execution builds value. If you aren’t confident that you can not only build the solution, but also bring it to market, don’t quit your day job (at least until you bring on a co-founder who can).

Certain That the Problem Is a Need (as Opposed to a Want)

New product adoption is difficult. If your solution does not solve a compelling unmet need, it is unlikely that you’ll get traction. Build solutions that are aspirin not vitamins. Find services that have inelastic demand. Don’t quit your day job if your solution is only a nice to have instead of a must have.

Certain That the Problem Is Shared by a Large (and Growing) Market

A rising tide lifts all boats. If your startup does not sell into a market that is growing year over year, and will continue to do so for the foreseeable future, don’t quit your day job.

Able to Offer a Solution That Is 10× Better Than Anything Else in the Market

To displace incumbents, startup solutions must be exponentially better (not incrementally). If they aren’t, it is unlikely that you will be able to overcome ...